The median sale price for May was up from $430,000 in April to $438,000 in May. The number of sales was up by 49 to 244 but, due to this increase in sales numbers and a lack of new property coming to the market, we are back to a very low number of properties available for buyers. The number of listings on Realestate.co.nz has pulled back again from 346 to 288. The median number of days to sell has increased a little to 28.
There is continuing discussion at the local body level on the lack of available housing and how we are going to accommodate tradespeople and others coming into the city for the hospital rebuild and the building program planned for the Otago University. The focus needs to be on improving the consent processes and in the identification and zoning of appropriate land on which developers can build the sort of properties that will be needed.
We are aware of a number of developers eagerly awaiting the appeals to the Second Generation Plan to be heard so they can develop land which is proposed as higher density under the new plan but until these appeals are heard, plans are on hold.
The rental market also continues to be very tight with multiple applications being received for almost any property that becomes available. Those people with clean rental and credit histories are reaping the benefits but those who have less appealing applications are struggling to find property in a highly competitive market.
Joe Nidd AREINZ
Liz Nidd FREINZ